LONDON (Alliance News) - 3Legs Resources PLC on Wednesday said that it has subscribed GBP215,000 for new shares in SalvaRx Ltd, a company jointly owned by 3Legs directors Jim Mellon and Greg Bailey, and which owns a 60.5% stake in cancer immunotherapy developer iOx Therapeutics Ltd, as it narrowed its loss in the first half of 2015.
Mellon and Bailey also are subscribing GBP215,000 for SalvaRx shares on the same terms. Together, they own 30% of 3Legs.
3Legs, which invests in companies in the technology and resources sectors, holds 11.1% of SalvaRx's share capital following the investment, with Mellon and Bailey holding the rest.
"The particular area on which SalvaRx is focused has recently attracted considerable interest as an approach to the treatment of cancer and the board believes that this investment represents an exciting development and is a first step in implementing the company's new investing policy," Chairman Richard Armstrong said.
In a separate statement, 3Legs said it made a GBP248,000 loss in the first half of 2015, an improvement on the GBP2.5 million loss it made the year before.
Shares in 3Legs were trading down 2.7% at 0.292 pence on Wednesday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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